Beat FY27 guidance, large CDMO deal; capacity constraints cap near-term

Revenue ₹1800.3 Cr (+19.6% YoY), PAT ₹317 Cr (+47.1% YoY), NPM 17%

Adjusted EBITDA ₹510.2 Cr on ₹1800.3 Cr = 28.3% margin, up from 25% YoY

CDMO ₹891.5 Cr revenue, 50% mix, 20% YoY growth confirmed on call

Stated ₹9,810 million (₹981 Cr) with 32% YoY growth, corroborated

Constant currency growth stated as 15% vs reported 20%, difference due to ~5% forex tailwind

Management hedged growth at 15%, upside only if approvals happen by Aug-Sep

Prior 12-13% constant currency, now 15% (achievable, upside if FDA approvals Q3). Delivered 19.6% YoY, 15% cc. Supports higher end.

Prior 25-26%, achieved 28% Q1. Now targeting 30% near-term and 35% long-term. Margin expansion outpacing expectations.

Prior 15% CAGR for next 4-5 years. With USD 90-100M deal now signed, targeting ~20% CAGR for next 4 years (equivalent to ~12% of current revenue from new deal alone).

Subtle: prior messaging suggested mid-teen EBITDA targets for Cenexi. Now targeting double-digit by FY27 year-end. EUR 48M revenue at 4% EBITDA shows turnaround slower than implied.

Previously may have implied upside from GLP-1. Now explicitly stating very limited contribution until FY30-31, only tech-transfer fees. Realistic hedging.

Specialty pharma mix (30-40% specialty), all Indian sites, 60% US, 30-35% EU, 15-20% ROW. Tech transfer 24 months, products filed quarterly, ramp-up 2029-2030 completion.

Strategy to offer end-to-end solutions consolidating 80-100 sites. Currently expensive EU manufacturing, we offer cost advantage. Actively pitching to other big pharma.

INR 550 Cr this year, will scale up. CDMO-related capex INR 165 Cr (isolator line), Neuland building new block. Original INR 2000 Cr program on track.

Re-evaluating CAGR, likely 20% next 4 years with new contract. Clarity next quarter. Cenexi profitability improving, target double-digit EBITDA by year-end.

Target 30% consolidated CDMO near-term, 50-50 for next 2 years, then CDMO may exceed B2B. Current 28% EBITDA, targeting 30%, then 35% long-term with CDMO mix improving.

Some shipments delayed in Q1 due to heat wave. Q2 should benefit, will be better than prior year. Still expect seasonal decline but less sharp.

That's correct. Yes.

New line on track, taking exhibit batches from customers signed last quarters. Signed new sema/tirzepatide contracts for U.S./EU. Transfer next quarter or two. Maintaining 15% growth, possible upside if Canada launch happens.

Very limited. Major volume will come U.S. when goes live FY30-31. Not assumed much in next few years except tech-transfer fees. Very difficult to assume numbers, keeping close to chest.

EUR 48M revenue and EUR 2M EBITDA. Correction: 48, not 68.

Can we come back to exactly how much is the market. [Deferred]

Launched MVI (multivitamin, CGT exclusivity), Dalbavancin (some competition but long-term contracts), Sugammadex. Future launches: we can come back to you later.

Cannot reveal customer numbers due to confidentiality. Some 505b2 with patents. No innovative (first-to-market) products currently. Under discussion for future.

Base business 24% growth. U.S. 32% growth. Constant currency ~19-20% (removing ~5% forex gain).

Neuland: strategic collaboration, revenue not disclosed, building new block, eases capacity constraint. Liposomal: USD 3B market (USD 1.6B current, USD 600-700M US), in-licensing for U.S./EU, tech transfer, revenue FY30, patent-protected.

Yes, most of the big products are post-FY29. Different stages, some clinical, some exhibit. Big microsphere products specifically post-FY29.

Some products developed 15 years ago when ANDA was cheaper. Companies are exiting, but as injectable player we capture value. Several 'old' products now doing well. Portfolio diversification necessary.

Use shipment-date FX rates, not uniform across every transaction. For guidance, we assume constant currency, FX is unpredictable. All forward projections based on constant currency.

IP-owned shares profit with front-end partner. CDMO has 2 types: B2B tech transfer (smaller), commercialized products from expensive U.S./EU sites (larger, better leverage). New deal is mix, has better margin profile than IP-owned.

Portfolio running out of large products (driver 1). Big pharma with expensive manufacturing base in EU seeking India alternative (driver 2). We offer end-to-end solution consolidating 60-70 sites (driver 3). Operational leverage on manufacturing advantage.

About 9%.

NDDS project FY28 commercialize FY29, USD 25-30M potential revenue.

Raised from prior 12-13%. FDA approvals (Q3) could push above 15%. Current run rate supports this.

Dependent on USD 90-100M CDMO ramp from CY2029, other contract discussions still ongoing. Management to clarify next quarter.

Currently at 28%, incremental 200 bps achievable with CDMO mix and operating leverage. Cenexi turnaround supporting.

Depends on CDMO becoming 50%+ of business and reaching mid-20s margins. Timeline unclear (3-4 years mentioned).

INR 2,000 Cr total program, ₹1,132 Cr in Q1, scale-up in brownfield/greenfield expansion.

Bag line and ophthalmic lines at tight capacity. FDA approval expected Q3 but no guarantee. If approval delayed to Q4, FY27 revenue growth will miss 15% guidance.

Cenexi EBITDA only 4% on EUR 48M revenue (EUR 2M EBITDA). Prior messaging suggested mid-teen EBITDA targets. Now targeting just double-digit by FY27 year-end. If European demand weakens further, targets at risk.

Q1 revenue reported at 20% but constant currency only 15%, implying 5% forex tailwind from USD/INR depreciation. If INR strengthens in coming quarters, reported growth will decelerate to 10-12% even if operational growth stays at 15%.

GLP-1 revenue only from FY30-31. Market already crowded by then; multiple CDMO players and in-house manufacturing ramps by competitors. Management currently taking only tech-transfer fees until FY30, very conservative outlook.

USD 90-100M CDMO contract requires flawless 24-month tech transfer (Sep 2026 start), product filings from CY2027, and commercialization from CY2029. Any delay in tech transfer or FDA/EMA approvals will push revenue forward, impacting 2029-2030 forecast.